Mexico's manufacturing sector contracted for a 23rd consecutive month in February, though at a slower pace, according to the Mexican finance executives association IMEF purchasing managers' survey.
The manufacturing purchasing managers' index (PMI) rose last month to 47.2 from a revised 46.7 in January, reflecting a slowing contraction on the month. The PMI has held below the 50-point threshold between expansion and contraction since March 2024.
IMEF's purchasing managers index (PMI) sub-indexes for new orders, production and employment increased from January to February, with new orders up by 0.7 points to 45.6 and production rising 0.1 points to 46.3, both in their 23rd month of contraction.
The employment sub-index made the strongest gain, up 1.1 points to 45.5, though this still marks its 25th month in contraction.
Non-manufacturing
IMEF's non-manufacturing PMI climbed 0.6 points to the threshold of 50, "suggesting an emergent stabilization in the services and trade sectors … with mixed signs pointing to a recovery."
The PMI marked contraction in 12 of the last 14 months — rising above 50 in October and November 2025, suggesting any recovery "remains fragile and lacks a firm trajectory." Within the PMI, the sub-indices for new orders and production crossed into expansion, with new orders up 1.6 points to 50.1 and production rising 1.6 points to 50.4. Employment was also higher, rising 0.6 points to 49.8 — but still remaining in contraction for a 20th consecutive month.
Forming the outlook for both PMIs, IMEF noted the higher-than-expected 1.8pc revised GDP growth in the fourth quarter — driven by "resilient retail sales" and "a slight rebound in manufacturing and construction" — is likely to lose momentum, as "the main indicators of aggregate demand point to a sustained weakening throughout 2026."
On the non-manufacturing side, "private consumption has not grown, and consumer confidence suggests that this could worsen."
On manufacturing, "exports have begun to lose momentum … public and private investment remains low … the labor market has deteriorated" and uncertainty over domestic and foreign economic policy dominates the outlook for GDP growth.
